Porch Group, Inc. (NASDAQ:PRCH) Stock Has Consensus Target Price of $19.64 According to Analysts

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been given a consensus rating of “Moderate Buy” by the nine research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.64.

Several equities analysts have commented on the stock. Craig Hallum increased their price target on shares of Porch Group from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Cantor Fitzgerald boosted their price objective on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, September 25th. B. Riley Financial boosted their price objective on shares of Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd.

Insider Activity at Porch Group

In other Porch Group news, COO Matthew Neagle sold 27,881 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total value of $483,735.35. Following the completion of the transaction, the chief operating officer owned 1,864,881 shares in the company, valued at $32,355,685.35. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 26,135 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total transaction of $453,442.25. Following the completion of the transaction, the chief executive officer owned 15,930,999 shares of the company’s stock, valued at $276,402,832.65. This represents a 0.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 242,977 shares of company stock valued at $4,078,593 over the last quarter. 27.78% of the stock is owned by insiders.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently made changes to their positions in PRCH. State of Alaska Department of Revenue grew its position in shares of Porch Group by 5.1% during the third quarter. State of Alaska Department of Revenue now owns 40,723 shares of the company’s stock worth $678,000 after acquiring an additional 1,981 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Porch Group by 6.6% in the 3rd quarter. GAMMA Investing LLC now owns 12,503 shares of the company’s stock valued at $208,000 after acquiring an additional 778 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at $138,000. NewEdge Advisors LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at $198,000. Finally, Corient Private Wealth LP raised its position in Porch Group by 550.4% in the 2nd quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock valued at $1,070,000 after purchasing an additional 60,212 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Stock Performance

NASDAQ:PRCH opened at $17.50 on Friday. Porch Group has a 1 year low of $6.36 and a 1 year high of $18.37. The stock has a market cap of $2.31 billion, a P/E ratio of -145.83 and a beta of 3.18. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a 50-day simple moving average of $16.92 and a 200-day simple moving average of $13.17.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.08. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. As a group, analysts anticipate that Porch Group will post -0.04 earnings per share for the current fiscal year.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.